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Safeguarding The Future: Safe Acquires Wallet Manager Multis

CryptodailyCryptodaily2024/04/19 13:22
By:Amara Khatri

Table of Contents

  • Safe Acquires Multis
  • Breaking Moulds Of TradFi
  • Helping Users Across Network Complexities
  • Why Safe?

Leading smart contract wallet provider Safe is enhancing its blockchain solutions by acquiring wallet management software provider Multis.

Safe Acquires Multis

On April 8, the crypto wallet service provider Safe acquired the crypto treasury administration platform Multis for an undisclosed sum. The acquisition included the technology and the senior leadership team of Multis in an effort to expand Safe’s services to the broader management of digital assets across different blockchains.

Under the terms of the acquisition, former Multis CEO Thibaut Sahaghian has been incorporated into the Safe ecosystem as the Network Abstraction Lead, as his experience could be crucial in helping to develop Safe as a reliable network.

The news was announced via a statement penned by Sahaghian and published on the company website,

“Today, I’m amped to announce that Multis is acquired by Safe, the leading smart contract wallet infrastructure provider! This is a huge milestone in our journey.”

Breaking Moulds Of TradFi

Talking about the acquisition, Sahaghian highlighted that both Multis and Safe shared a similar vision of empowering individuals and organizations to manage their own funds and break free from the limitations of traditional financial systems.

Sahaghian said,

“Safe has been a pioneer and has been consistently executing on that very mission too. They’re now securing over $100 billion in self-custody assets. They’ve also raised significant funding to push boundaries further. They’ve built something truly inspiring – a gold standard in our industry – and I can say I’m humbled to see Multis being acquired by such a stellar organization, with such inspiring founders and people.”

Helping Users Across Network Complexities

Sahaghian also discussed the ever-changing Web3 industry and the rapidly increasing use of crypto in different facets of life, which has led to soaring demand for faster and more cost-effective crypto transactions. This demand requires much more enhanced scalability, which has spurred the growth of multiple Layer-2 networks built on top of the Ethereum mainnet.

In Sahaghian’s opinion, however, this demand has led to a fragmentation of the blockchain landscape as it complicates the development of user-friendly, on-chain applications and wallets. Furthermore, users also struggle with managing assets across multiple networks.

Sahaghian said,

“And that’s where we step in. We’ll tackle this complexity with network abstraction, simplifying asset management across different blockchains. More precisely, we will focus on expanding Safe’s products’ scalability beyond Ethereum. Ultimately, we want to boost user adoption and push towards even greater decentralization.”

Why Safe?

Safe’s impressive suite of products, which includes state-of-the-art smart contracts and user-focused apps, finally sealed the deal for the acquisition.

Sahaghian has pointed out Multis’s longstanding relationship with Safe, starting from its very first fundraising efforts, where it used pieces of the latter’s code and apps. Furthermore, Multis was also one of the early adopters to integrate Safe’s self-custody smart contracts into its enterprise software.

Sahaghian said,

“What truly sets Safe apart, though, is the vibrant community they’ve nurtured across the industry. Their founders and team are not just brilliant; they are forward-thinking and driven by long-term goals. Yet they’re not just about ideas; they really care about their people and their work. It’s clear they don’t just build products; they build relationships.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.

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